UPDATE 1-Toreador to sell assets in Turkey, Hungary

* To sell assets for $16.4 mln plus contingent future payments

* Says to focus on core French ops

Oct 1 (Reuters) - Independent oil and gas exploration and production company Toreador Resources Corp TRGL.O said it agreed to sell its remaining assets in Turkey and Hungary for $16.4 million plus contingent future payments, to focus on its core French operations.

"The proceeds of these transactions will enable us to continue repurchasing a portion of our convertible notes, and to continue delivering our corporate strategy to develop the low-risk conventional exploration of our French acreage," Chief Executive Craig McKenzie said in a statement.

The company said it would sell its Turkish subsidiary, Toreador Turkey Ltd, to private Norwegian energy company Tiway Oil for $10.6 million plus exploration success payments of up to $40 million and contingent future net profit payments.

Toreador also said it would sell its Hungarian subsidiary, Toreador Hungary Ltd, to privately held Austrian Energy company RAG for 4 million euros ($5.8 million) plus a contingent payment of 2 million euros.

The company sees a third-quarter gain of about $21.2 million from the sale of its Turkish assets and a net loss of about $3.7 million from the Hungarian unit's sale.

Shares of the company closed at $9.99 Wednesday on Nasdaq. ($1=.6850 EURO) (Reporting by Adveith Nair in Bangalore; Editing by Aradhana Aravindan)